Sec 1042

When an agreement provides for immediate action, and no action is taken under it, and when the position and character of the parties are such that it would be very unlikely that the agreement would lie thus dormant unless it was understood by them that it was abandoned, then, after a lapse of time so long as to admit of no other rational explanation, it will be presumed to have been rescinded by consent.5

Release may be by alteration.

Rescission implied on lapse of time.

1 Lamburn V. Cruden, 2 M. & Gr. 253; see Grimman V. Legge, 8 B. & C. 324.

2 See supra, sec 696 et seq. 3 Supra, sec 698.

4 Supra, sec 696 et seq.

5 Rushbrook V. Lawrence, L. R. 5 Ch. 3; Mills V. Haywood, L. R. 6 C. D. 196.